Lion Diversified's land compulsorily acquired for RM11.7m

In its filings with Bursa Malaysia, Yong Tai said its wholly-owned subsidiary YTB Impression Sdn Bhd terminated the deal due to non-fulfilment of the condition precedent as stated in clause 3.1(c) of the joint development agreement. Yong Tai fell half a sen to close at 32.5 sen yesterday.

KUALA LUMPUR: Part of Lion Diversified Holdings Bhd's land in Kuala Langat, Selangor has been compulsorily acquired by the Kuala Langat District Office for RM11.73mil.

It said on Friday that part of the land held under the group was acquired by the District Office under the Land Acquisition Act 1960 for Tenaga Nasional Bhd.

The power giant would use the land to reroute the 500kV power transmission. 

“The company had on April 4, received the compensation sum. The compensation sum was accepted under protest,” it said.